Hire Purchase Report launched
July 19, 2012 4:54 am
Reports on the Hire Purchase Industry in Fiji and the Review of Consumer Credit Act and its Regulations were launched today by the Acting Prime Minister and Attorney General Aiyaz Sayed-Khaiyum
The reports highlight an imbalance in the knowledge and bargaining powers between consumers and credit providers.
A major finding in both reports is the lack of financial literacy amongst consumers when accessing credit to buy goods on hire purchase.
The reports have also made a number of recommendations, to which Sayed-Khaiyum says government supports.
Today’s launch was made possible through funding from AusAID which has also seen the establishment of a Debt Management and Consumer Credit hotline for vulnerable consumers in Fiji.